3i Group reports increase first half NAV

10th Nov 2016 07:42

(ShareCast News) - Private equity and venture capital group 3i Group reported on Thursday an increase in net asset value in the first half as its investments had little impact from the geopolitical uncertainty and financial market volatility.Net asset value per share rose to 551p at 30 September from 463p at 31 March. The company made a private equity gross investment return of £989m, supported by "continued strong financial and operational performance across the portfolio".The company's total return, including discontinued operation, jumped to £100bn from £168m the same period a year earlier.Operating profit, excluding carried interest and performance fees, came to £1.04bn after £269m last year.The group ended the period with net cash of £187m compared to net debt of £12m in the previous year.3i raised its dividend to 8.0p per share from 6.0p.Chief executive Simon Borrows said: "3i continues to benefit from its clear strategy and a portfolio with limited exposure to the repercussions caused by the current geopolitical and financial market volatility. We are navigating these challenges from a position of strength; our diverse portfolio, rigorous investment processes and robust balance sheet underpin our confidence about the future success of the group."